Length	6 Modules - immediate download available (when paying online)
Price	EUR 440.00 / GBP 350.00 (+VAT @ 17.50)% Members of our Training Partnership scheme pay EUR 375.00 / GBP 300.00 (+VAT @ 17.50%)
Book	Book now online or learn about other ways of booking

Course overview

Why you should choose ‘The Effective Credit Control Executive’ written self-study course

Credit control is a big responsibility in any organisation. There is a way to ensure you’re up to the task. With this distance learning course, in just 6 modules you’ll bring yourself fully up-to-date on all the latest techniques for assessing credit, insurance, risk avoidance and successful collection.
You’ll learn everything you need to know about financial statements and the cost of credit, establishing sound credit policies and the latest techniques of efficient collection. You will also get fully up-to-date on credit agencies, factoring and insurance as well as some less usual chasing methods.
Critically, you’ll learn all about legal action, when to go ahead, and then precisely how to act to ensure a successful result. Lastly, the final module tells you everything you need to know about bankruptcy, winding up, administration and receivership.

This course will benefit you if you want to…

• Know what the law means and what you need to do
• Minimise your exposure to bad debts and losses
• Stay ahead of people trying to outwit you
• Keep up-to-speed with all the latest techniques for mitigating risk
• Play a significant part in keeping your organisation profitable

Who should enrol?

• All credit control executives in organisations of all sizes
• Financial managers and controllers
• Finance directors of SME’s
• Owner-managers of small businesses

This distance learning course will:

TEACH you all you need to know about financial statements and the cost of credit to help you establish sound credit policy and efficient collection
FULLY update you on credit agencies, factoring and insurance including some less usual chasing methods
AID you in minimising bad debt and losses to ensure a steady cash flow and profitable bottom line
INFORM you of all you need to know about bankruptcy, winding up, administration and receivership
SUPPLY an invaluable appendix of legislation relating to statutory interest on late payment of debt

Course modules

Module 1 – Understanding Financial and Management Accounting and Cash Flow

• Balance sheets
• What is a balance sheet?
• What do balance sheets reveal?
• Interpreting balance sheet profiles
• Profit and loss accounts
• What is a profit and loss account?
• What do profit and loss accounts reveal about a business?
• Cash flow statements
• If there are profits there must be cash
• Cash flow statements
• What can cash flow statements tell us?
• Accounting records and systems
• Why have accounting records
• Distinction between accounting systems and accounting records
• Accounting concepts, policies and standards
• Why do we need concepts and rules?
• Fundamental concepts and operation
• Accounting policies

Module 2 – Ground rules for successful Credit Control policies

• The cost of credit
• Possible savings related to profit
• Personal knowledge of the cost of credit
• The right attitude for credit control
• Bonuses and commission for staff
• Record the progress
• Measure the results
• The right credit policies
• Should you give credit?
• What nominal period of credit is allowed?
• What actual period of credit is allowed?
• What sanctions will you use?
• What collection methods will you use?
• What is a special case and who decides?
• Is there a dominant customer and if so, what policies are appropriate?
• Opening a new account
• Application for a credit account
• Trade references
• Bank references
• Credit limits

Module 3 – Credit Control systems and methods

• Effective paperwork
• An objective look
• Invoices
• Statements
• Order forms
• Letters
• Standard letters
• The final warning letter
• Individually composed letters
• Collection by telephone
• The right psychology
• Preparation for success
• The telephone call
• The effective conclusion
• Keep the history
• Overcoming excuses
• Paperwork
• Payment systems
• Delay in customers payment system
• Customer disputes payment terms that have been agreed
• Customer will not accept terms that have not been agreed
• Sources of information
• Obtaining good information
• Credit agencies
• Trade references
• Bank references
• Companies House
• Trade sources and your competitors
• Credit insurance
• In-house opinion
• Your own records

Module 4 – Credit Control using outside agencies and other techniques

• Credit agencies
• Choosing the right agency
• Credit agency charges
• Failings of credit agencies
• Reasons for problems
• Methods of obtaining information
• When to use credit agencies
• How to best use a credit agency
• Details of services available
• Non-recourse and recourse factoring
• Invoice discounting
• Some of the features of factoring
• Advantages of factoring
• Disadvantages of factoring
• Costs
• Detailed example of a factoring transaction
• Credit insurance
• Circumstances when you probably should and should not consider credit insurance
• Selection of risks to be insured
• Risks that can be covered
• Financial provisions in detail
• A guide to the cost of credit insurance
• Working with credit insurance
• Less usual chasing methods
• Personal visits
• EDI
• E-mail and fax
• The use of humour
• Publicity
• Stickers
• Direct debits and standing orders
• Bank transfers
• Credit cards
• Blacklisting
• Harassment
• Warning signs – danger imminent
• Danger signs
• Round sum cheques
• Conditions of sale
• The legal position with terms
• Display of conditions of sale
• The terms
• Advice to buyers
• The main terms affecting credit control

Appendix: legislation relating to statutory interest on late payment of debt

• Appendix: Companies House
• Companies House addresses
• Information available
• Method of identification
• Methods of obtaining information

Module 5 – Credit Control and legal enforcement

• Legal action – considerations prior to commencement
• Scottish law
• The significance of retention of title
• Have other steps been exhausted?
• Without prejudice offers
• Should you take legal action?
• Look at your conditions of sale
• Statutory interest
• Who to use
• Legal services
• Taking action
• Legal action – obtaining judgment
• Selection of route to follow
• Steps to winning judgment
• The claim form in detail
• Summary judgments
• Legal action – enforcing the judgment
• Enforcing judgment in a county court
• Warrant of execution
• Third party debt order
• Attachment of earnings order
• Charging order
• Appointment of a receiver
• Bankruptcy or winding up
• Order to obtain information
• The register of county court judgments
• The High Court

Appendix: Court fees payable in connection with legal action to recover debt

Module 6 – Credit Control issues in insolvency, bad debts and exports

• Winding up, bankruptcy, administration and receivership
• The threat of winding up and bankruptcy
• Procedures
• Wrongful trading
• The order of priority in the distribution of funds
• Administration
• Receivership
• Licensed insolvency practitioners
• Practical advice
• Bad debts
• Get back the VAT
• Look hard at the conditions of sale
• Consider enforcing retention of title
• Personal liability
• The legal process of liquidation
• And finally – learn the lessons
• Exports
• The law governing the sale
• Agreement of conditions of sale
• Methods of payment
• Documentation
• Factoring and credit insurance

Course contributor

Ralph Tiffin is a mechanical engineer who subsequently qualified as a chartered accountant and became manager in one of the largest international firms of accountants. He is now managing partner of an accountancy and consultancy practice. He has a wealth of experience with companies of all sizes in the UK and overseas. Work typically involves developing clients reporting and management systems along with appropriate management training and developing project appraisal processes and spreadsheets.

Roger Mason FCCA, FCIS, ACIB is a highly experienced company director and company secretary. His early career was with Midland Bank and the Ford Motor Company before becoming finance director of ITC Entertainment Ltd. He was, for 14 years, company secretary and finance director of a leading British greetings card company. He lectures on finance and business matters and has written a number of well respected books.

Past delegates’ comments

Some of the comments received by participants on this course:

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Client portfolio

Our client portfolio for this course includes the following companies:

3G Food Service Ltd	Fujitsu Europe Ltd	Reeves & Neylan
ABN Agri Ltd	Ginsters	Safety Kleen uk LTD
AGI Labels Tinsley Robor Ltd	Greene King Pub Partnerships	Sandtoft Roof Tiles Ltd
Age Concern Aid-Call Ltd	Harlands of Hull Ltd	Scriptographic Publications Ltd
Alderley plc	IFF (GB) Ltd	SeaFrance Ltd
Amsafe Bridport	Leasedrive Velo Ltd	Slumberdown
Assetco	MW Kellogg Ltd	Spaldings UK Ltd
Car Crash Line Group LTD	Mitsubishi Electric Europe	Sunrise Medical Ltd
Carrington Career & Workwear Ltd	NSK Europe Ltd	Tarkett-Marley Floors
Cheffins	Nobilis Fontan Ltd	The Wrigley Co Ltd
Cleveland Bridge UK Ltd	PING Europe Ltd	WT Parker Group Ltd
Collas Day	Q Associates Ltd	Würth UK Ltd
Emag Solutions Ltd	Randstad UK Holding Ltd

More information

The following documents are available for this course:

• Course brochure [321kb]

Falconbury’s distance learning programmes have been certified by the Academy of Distance Learning (ADLiB).. ADLiB supplies an unbiased authentication of, and quality assurance for, distance learning programme providers.

Upon course completion, distance learning participants are invited to undertake a final external assessment in the form of an online multiple-choice paper.

Participants are required to achieve a pass rate of 80% and above to ensure that a high level of competence has been achieved within the subject area and to receive the advanced ‘Certificate of Excellence’. The final external assessment can be taken up to three times, thereafter the ‘General Certificate of Course Completion’ will be issued.

NB: The final external assessment is an optional appraisal and those participants not wishing to undertake it will automatically receive the ‘General Certificate of Completion’ for their personal development/training profile.

Find out more about ADLIB here.

Academy of Distance Learning in Business

ADLiB

Falconbury’s distance learning programmes have been certified by the Academy of Distance Learning (ADLiB). ADLiB supplies an unbiased authentication of, and quality assurance for, distance learning programme providers.

Upon course completion, distance learning participants are invited to undertake a final external assessment in the form of an online multiple-choice paper.

Participants are required to achieve a pass rate of 80% and above to ensure that a high level of competence has been achieved within the subject area and to receive the advanced ‘Certificate of Excellence’. The final external assessment can be taken up to three times, thereafter the ‘General Certificate of Course Completion’ will be issued.

NB: The final external assessment is an optional appraisal and those participants not wishing to undertake it will automatically receive the ‘General Certificate of Completion’ for their personal development/training profile.

Find out more about ADLIB here.

International Association of Distance Learning

The International Association for Distance Learning (IADL) promotes excellence in open, distance, and online learning worldwide, and provides a benchmark through which global consumers can gauge the quality of courses offered by their members.

 

The IADL is an independent, non-profit organisation with its principal administrative offices in London in the United Kingdom. Find out more.

 

Falconbury are an Approved Member of the International Association for Distance Learning. Please see our IADL membership certificate

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